24th Mar 2021 11:37
(Alliance News) - Vivo Energy PLC on Wednesday said subsidiary Vivo Energy Maroc conducted operations in line with competition laws after commission enquiry into the fuel marketing industry in Morocco.
Vivo is a downstream petroleum company which sells branded products from Royal Dutch Shell PLC and Engen Petroleum.
Vivo noted an announcement from the committee formed by the Royal Cabinet in Morocco to review the procedural elements of the Conseil de la Concurrence's investigation of the fuel marketing industry.
The committee concluded that the CDC investigation "was marked by numerous procedural irregularities" and experienced "an obvious deterioration in the climate of deliberations".
A new president has now been appointed to lead the CDC.
In July last year, Vivo noted the formation of an independent commission to review the Conseil de la Concurrence's decision in Morocco. The commission came after allegations regarding Conseil de la Concurrence's process and conduct in determining its recommended penalty for the fuel retail industry.
The Conseil de la Concurrence ultimately recommended a fine of 8% of annual Moroccan turnover against the industry.
Vivo shares were down 0.8% at ZAR18.88 each in Johannesburg on Wednesday, and were up 0.2% at 92.80 pence each in London.
By Greg Roxburgh; [email protected]
Copyright 2021 Alliance News Limited. All Rights Reserved.
Related Shares:
VVO.L